Middle-income apartments to drive real estate demand in Egypt
“The highest demand for the next five years will be for middle-income apartments. In previous years, there was a lot of demand for luxury apartments and there were not enough apartments available for the middle to low income population. I think that this will occur in Cairo particularly and I am also expecting to see growth in southern Egypt,” noted Eng. Darwish Ahmed Hassanin, CEO of Saudi Egyptian Construction Company (SECON).
Saudi Egyptian Construction Company (SECON) was established in 1975 by the Saudi and the Egyptian governments and has been involved in real estate and tourism investments in Egypt.
“The highest demand for the next five years will be for middle-income apartments. In previous years, there was a lot of demand for luxury apartments and there were not enough apartments available for the middle to low income population. I think that this will occur in Cairo particularly and I am also expecting to see growth in southern Egypt,” noted Eng. Darwish Ahmed Hassanin, CEO of SECON.
“Currently, 90 million Egyptians occupy only 5 to 7% of the whole land area of Egypt. We would like to see extensions over the territory according to a very strict, clear and studied program in order to extend the populated area of Egypt to at least 20% of the territory within approximately ten years.”
Interview with SECON: Real estate investments in Egypt | The Saudi Egyptian Construction Company